How to do a Month-End Close Properly

Get on top of your books with these weekly and monthly checklists
May 6, 2020
Your Business
Kate Stathis

Lover of spectator sports. Brunch enthusiast. Avid podcast listener. Is happiest playing board games with family and friends. Enjoys fixing things and making them perfect.

In light of the reporting requirements for Jobkeeper - we thought it best to run through how to ensure you books are accurate.

They (Google) say it takes two months before a new behaviour becomes automatic; to then go from “knowing nothing to being pretty good”, you’ve got six months.

Before you can even think about reporting your numbers to the ATO, you need a clean set of books. While the ATO is only after turnover figures for the process, the reporting requirements do give us an opportunity to create good habits.

One of the keys to keeping on top of your books and helping you move closer to accessing real-time numbers is by performing bank reconciliations weekly. Together with this, month-end closes will help you complete your books, and for now, report accurate and timing turnover figures to the ATO and more importantly, get some CASH.


  • Upload and publish (or enter) all invoices and receipts
  • Review bills to pay
  • Reconcile sales & additional accounts
  • Reconcile bank & credit card transactions
  • Email clients and suppliers with status updates & questions

In addition to the above, ensure all payments to employees are made within the parameters of the “JobKeeper Fortnight”.


  • Ensure the weekly tasks process is completed
  • Follow-up with clients and suppliers on any missing information
  • Issue all monthly sales invoices (if applicable)
  • Make adjustment entries
  • Complete necessary reconciliations
  • Create & complete financial reports
  • Review financial reports for errors

Download our checklist here.

Your Business
May 6, 2020
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